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Read My Lips, No New Longs 11/28/22

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That's the headline on the Technical Trader chart picks update that I will post shortly. Meanwhile, the hourly chart of the ES 24 hour S&P futures is flirting with breaking spport at 4539. If successful, the bears will have a toe hold for a big move of 10 points or so to the next spport line. 

In other words, I'm not too bearish yet. But by the same token, to get anything going on the upside, the bulls must push it through 4560-65, and the firepower doesn't seem to be there. I wonder why. Smoking too much funny stuff perhaps. 420 Friendly Market

The whole 4540-4600 range is an area of major resistance. The bulls will need to use up another chunk of the $865 billion that's still left in the Fed slush fund to keep this going. That will be interesting to watch that Strategic Cash Reserve decline. This Chart Tells Us Exactly When the Bull Market Will End


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The screens still generated more buys than sell signals again over the past week but the advance is tiring. For the week ended Monday, there were 18 charts with a second buy signal on Monday and 14 with second sell signals. That’s down from 61 to 2 on the buy side, the week before. Non-subscribers click here for access.

Technical Trader subscribers click here to download the complete report.

I reviewed all of the charts from today’s screen results. For the first time in a long time I found two that I will add on the short sale side, but with protective stops in case they head out of the gate the wrong way. I did not like any of the buys. For the second straight week, I’m forgoing adding any buy side picks. Non-subscribers click here for access.

We come into last week with 18 longs on the list. I added stops to 11 of those and six of them got hit. That leaves 12 longs on the list to start this week. I added or adjusted stops on all of them. This is with the intent of closing them out as this rally ages. Non-subscribers click here for access.

As of Monday’s close, the average theoretical gain on the existing picks was 7.3% with an average holding period of 20 calendar days. That’s the same average gain as last week, with an average holding period of an additional week. In other words, the list treaded water last week. The gain for November so far is double October’s loss. Finally, some progress after treading water since July. Non-subscribers click here for access.

Table of picks and performance in the subscriber report. Non-subscribers click here for access.

Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days! 

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Treasuries are rallying despite a huge coupon settlement coming up on the 30th.  But the auctions are done as of today. I guess it's a relief rally. But they still have to pay for them on Turdsday. 

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